$iREET Bond Maturity: What Happens Next

$iREET Bonds maturity begin today, May 29th, 2026, with the final maturity on June 1st. If you participated in the Bond Release, here is what you are holding and what are your next opportunities.

Reminder: What is $iREET

$iREET is a Real Estate backed token. Its value is derived from a portfolio of 17 rental properties with a combined value of $5,937,000 USD, generating real monthly rental income of $41,884.70 (as of May 27) off-chain. Each token carries a net asset value (NAV) of $1.037538, with a fixed supply of 5,722,202.60 on Ethereum.

$iREET is not an impaired asset. Unlike most tokens in DeFi, its price is not driven by crypto market sentiment, liquidity incentives, or protocol activity. It moves with the underlying real estate portfolio it represents. When ETH drops, the properties keep generating rent. When Bitcoin is volatile, the tenants keep paying. That structural decorrelation from crypto markets is what defines $iREET as an asset class.

For more information, check our previous article: RAAC Launches a $1.135M PvE Bond Release for $iREET

The Current Context

Since the pmUSD price dislocation, $iREET has been trading below its net asset value. This reflects the liquidity dynamics of the iREET/pmUSD Curve pool, where pmUSD's temporary price pressure has pulled $iREET's on-chain price below what the underlying property portfolio actually represents.

The on-chain price reflects current pool dynamics, not the underlying portfolio. The 17 properties, the rental income, and the NAV are unchanged.

What Can You Do Next?

1. Hold

Your $iREET represents a proportional claim on a portfolio of 17 rental properties with a combined value of $5,937,000 USD and a NAV of $1.037538 per token. That NAV is derived from the underlying real estate, not from the on-chain price. Those are two different numbers right now, and understanding why matters.

The current discount reflects the liquidity dynamics of the iREET/pmUSD Curve pool, where pmUSD's temporary price pressure has pulled the on-chain price below NAV. The properties haven't changed. The rental income hasn't changed. The NAV hasn't changed.

The pmUSD redemption framework is being finalised with APMEX and Kitco, commencing the week of July 6th. As the redemption mechanism goes live and the pool rebalances, the structural pressure on the on-chain price is removed. Holding maintains your full NAV exposure into that window.

Ask yourself what you knew when you bought this 60 days ago? The underlying answer to that question hasn't changed.

2. Swap into pmUSD via the iREET/pmUSD Curve pool

This option has a specific mechanic worth understanding before you act.

The iREET/pmUSD Curve pool is currently heavily imbalanced: approximately 93% pmUSD, 7% other. Because of how Curve's AMM pricing works, swapping $iREET into a pmUSD-heavy pool gives you more pmUSD tokens per $iREET than a balanced pool would. At today's pool ratios, swapping 1 $iREET yields approximately 1.09 pmUSD.

The pmUSD you receive is currently trading at a discount to $1.00. When the redemption mechanism goes live in July, pmUSD holders will be able to redeem at or near parity. If that plays out, the math at today's swap rate is: 1 $iREET → 1.09 pmUSD → ~$1.09 GOLD at redemption. That is a net positive outcome relative to the current $iREET NAV of $1.037538, using today's pool conditions.

This path is for holders whose objective is to maximise their redemption position. It is not for holders who want to retain real estate exposure.

How to execute: connect your wallet at curve.fi, navigate to the iREET/pmUSD pool, and swap directly. Check current pool ratios before executing; composition shifts daily. For large positions, split into tranches to minimise price impact.

Note: pool ratios and swap rates change continuously. Verify the current rate at curve.fi before acting. The figures above reflect conditions at time of publication.

3. Earn yield by LPing in the iREET/pmUSD Curve pool

The iREET/pmUSD Curve pool is currently generating approximately 40% APY for liquidity providers, sourced from Curve gauge emissions (CRV and CVX rewards) and pool trading fees.

Liquidity providing (LPing) means depositing $iREET token or pmUSD, into the pool in exchange for LP tokens. Currently, this action earns approximately 40% APY while staking them across the RAAC ecosystem partners. You can exit at any time by withdrawing your LP position back into the underlying assets.

One risk to understand before providing liquidity: because the pool is currently imbalanced (93% pmUSD), depositing $iREET now means your position will gradually rebalance toward the pool's composition. When you exit, you will receive a blend of $iREET and pmUSD rather than purely $iREET. For holders who want to maintain 100% $iREET exposure, this introduces composition drift. For holders comfortable holding both assets, the 40% APY compensates for that drift materially.

How to execute: go to curve.fi, find the iREET/pmUSD pool, deposit, and stake your LP tokens in the Curve gauge to earn the full reward rate. Current APY is tracked in real time on the RAAC Dune dashboard.

Note: yield rates in Curve pools change as TVL, composition, and gauge weights shift. The 40% figure reflects conditions at time of publication.

4. Use $iREET as collateral in RAACLend (coming soon)

RAACLend is launching soon. When it goes live, $iREET will be available as collateral, meaning you will be able to borrow pmUSD against your $iREET position without selling it.

This was the original design intention behind the bond timing: $iREET holders would have RAACLend available as a destination at maturity, giving them a way to put their asset to work without exiting.

For holders who want to maintain real estate exposure while accessing liquidity, this is the path to watch. We will publish full mechanics, rates, and how to participate when RAACLend goes live. On that, make sure to check RAAC X account or Discord server for announcement of live date.

$iREET was built to be a long-duration, income-generating asset. That thesis has not changed, and additional infrastructure to support it is being put in place.